Auto Loan Refinance – Getting Low Refinance Rates in California Subprime Blogger (blog)
There are many car owners in the state of California who would like to refinance to a much lower interest rate. If you currently have an interest rate on your car loan is about 15% than you could greatly benefit by the refinance process. Please understand that if you have very bad credit than you are not going to be able to refinance to a lower interest rate. If your credit scores below 650 you will have to work hard to increase your credit.The best way to increase your credit scores to pay all your bills on time and in full. Unfortunately, it is going to take several months and possibly even years to build your credit this way but this is the only tried-and-true method. It would be a very good idea to go ahead and get started with this today by making sure all your bills are paid on time. It is also a good idea to pay off high interest cards as soon as possible.
You will never know what interest rate you will get a car loan until you actually get up and apply. Make sure to do your research and find out the best companies available in your area but you will need to actually physically go to these companies and apply for a loan. If you are too lazy to get out of your house and apply for a loan and you probably don’t deserve to save the money on your car loan.
Refinance Help. Fill this form and get help!
I have a high interest car loan, should I refinance my car loan? My credit is better now, so should I trade in
My car is finance through a personal sales car lot, should I trade in with a different place since my credit is better?
Yes, if you have a high interest rate and still like the car, refinance it. The best place to start is your credit union if you have one. If not, then go to one of the companies below for the best rates from top lenders.
1. Rate Genius
2. eLoan
3. MyAutoLoan
4. LendingTree
You don't have to trade your car to get a new loan. You get a new loan to pay off the old loan. Simple.
I suggest you go to a couple of banks or credit unions to see if you can get approved, and at what rate. Based on what you learn, you can make your decision.
Trading it may put you in a bad spot depending on how much you owe, and the car's value. Talk to your bank or credit union about a lower interest loan. Try places like eloan, lendingtree.com or other online lenders.
Good luck!
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
High interest car loan: early payoff or refinance?
I bought a car in February of this year at an interest rate of about 20 percent because my credit was a mess. I have since graduated from college, gotten a real and have all my credit card bills paid. I can have the 48 month loan paid within one year (by Feb. 2008) because I've been paying literally three times the payment. My question is, should I pay it off early at a 20 percent rate or should I have my credit standing reevaluated and hopefully get a better rate? Obviously a better rate is ideal, but which option is a better way to build credit?
Personally whenever a lender charges me a too high interest rate, I like to stick it to them whenever I can.
So i would pay it off ASAP and don't let them get 1 penny of extra interest.
I applied for an unsecured loan a while back. At the time my credit score was very good, but I had just started working an income was still kinda low. So they charged my a very high interest rate. I tried to explain to them my job was commission based and I was going to be making alot of money in the near future. The didn't care.. so as as soon my salary went up I immediately paid the loan off. Where as if they had charged me a more normal interest rate i might have put that money towards something else. In the end they lost alot of money by charging my higher rates.
what are my options on a high interest rate on a car loan, my credit is not good, so refinancing is impossible
My credit is fair and the banks won't refinance my car loan wich is now @ 24.95%, this is too high for me. i need to know what happens is i turn the car in or what other options do i have?
If you turn the car in, it will still be a black mark on your credit. It sounds like your only option is to refi with a cosigner. You should qualify for that no problem, as long as your co-signer has good credit.
You can't just "turn in" your car. You will still be responsible for the loan and damages.
Wops, I misunderstood. Returning your car is a bad mark on your credit but them comming and taking it is worse.
You can pay twice a month to pay it off faster....
You can stop paying and let them repossess it.... and they will come after you for the difference + towing fees + storage fees + administrative fees. $$$$$$$$$$$$$$$$$. Oh and your credit is ruined for 7 years.
Which option would you like?
Do you already have this loan? If not, Run away!!!!
If you're already paying on this loan, you might have to pay on it for a while ( maybe a year) to establish some kind of decent credit history. Make those payments dead solid, no late, no misses. After you have demonstrated a better payment history you should have a shot at a re-fi. See if you can get a co-signer. If you don't belong to some sort of credit union, join one right now so you can establish a history with them. C.U. tend to be a little more flexable with loans.
Save or payoff high interest car loan?
I have about 10k saved up and about 6k in a retirement account (Thrift Savings Plan). I am 23, my only debt other than my mortgage is my car loan @11,793.00. The interest rate is 10% apr and I have 48 mos left on the loan. I have about $1000 per month leftover to save and I'm averaging 5% apy. Should I put that extra money towards paying the car off quicker or should I save most of that money? I am not eligible to refinance the car for a better interest rate due to some collections that were just paid off last year.
I would pay $9,000 on the car loan TODAY. 9Keep $1,000 for REAL emergencies.) Your regular car payment + the $1000 will pay off the car in less than 2 months. Then start saving BOTH and you will have MORE than $10,000 saved and a paid off car in less than a year.
Note: I don't care about the interest rate on either your savings or your car.
In summary, if no company match, then go ahead and pay down the car note. If company match, then evalute to see how much it is. Most likely, if there is a company match, then you should take it.
With $10K in the bank, you are pretty well set in the event of an emergency, I am guessing that represents at least three months expenses. Not ideal, but pretty good nonetheless.
I would take your additional $1000 a month, and use it to pay down the car loan, rather then emptying a bank account to get out of debt immediately.
If your savings represents more then three months expenses, you could choose to take a portion of that to really whack the car loan with the upcoming payment. Instead of just hitting it with $1000, you could hit it with $3000 and significantly reduce the amount of interest you pay with every payment. The continue paying an additional $1000 a month for the remainder of the loan.
An added benefit of paying off the loan over time, rather then in one fell swoop, is that it demonstrates a lot more responsibility and benefits your credit score a lot more.
What is most important is making sure that you keep a cushion of several months expenses available just in case of emergency.
Best of luck!
Solve an argument - refinancing car loan AFTER making really large payment?
If you're planning to refinance your car loan in a few months (at a MUCH lower interest rate) what is the logic in paying a large chunk of money NOW to the company that holds the high-interest loan at the moment?
Seriously, I'm missing the logic here. Wouldn't it be smarter, if you have a chunk of money (which is equal to three high-interest rate car loan payments) why wouldn't you just make your normal payment for the next few months, refinance at the lower rate and THEN pay the big chunk of money?
Modern car loans from reputable financial institutions should be made with simple interest - you pay a portion of your payment is interest and a portion is principal each month. That being said, EVERY DAY THAT YOU HAVE MONEY BORROWED AT A HIGHER INTEREST RATE, IT IS COSTING YOU MORE INTEREST. Make the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward principal.
Now when it's time to re-finance, you don't have to take out as large of a loan, which in most cases reduces your loan origination fees and taxes that are often charged, and you continue that smaller loan at a smaller interest rate.
It does not make any sense to give a huge payment unless you specified it to the principal and even if you did it this way refinancing is not always the best solution. Company always take your money and apply to the interest first.
Should I refinance my car loan right away?
Hi, I recently bought a new car and got a rebate for financing through the dealer Mazda American Credit. Of course I got a higher interest rate. The dealer told me that I have to make 4 payments before I refinance which I found out is false. But my question is should I refinance right away or should I wait since it is still a fairly new loan.
Current Interest rate is 8.99 for 72 Months I have very good credit and could probably get sub 7% interest rate by refinancing.
Any Ideas??
Usually the interest rate on a used car loan (which your car is now) is higher than on new car loans.
Paying 2% extra on a car loan really isn't that much money
I want to refinance my car loan but I have really bad credit any suggestion on where to get a loan?
I have a really high car note with an 18% interest rate I really want to refinance without a cosigner is it possible
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees.
Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.
http://loan--house.blogspot.com/2008/03/bad-credit-loans.html
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
I am a co-buyer on a car loan.Can I refinance the loan to a diff institution and remove the primary buyer?
If its possible what are my choices if I have a good to excellent credit score from the 3 credit reporting agencies. What are the steps to take to make me the only one responsible for the loan. The thing I asked is because I have a high interest rate from the loan mainly because I was just starting out before without a credit history and the primary buyer I asked to help me has only a fair credit score.
You can do that easily. You must create a new loan and pay the associated fees, they won't just take the other person off. Just go to your bank or credit union and apply for a new loan, tell you want to pay off the high rate loan. But is the other person on the car title? You will need them to sign off on that.
how do you get out of a car loan that your upside down in due to a high interest rate?? any ideas... ?
I cant refinance because im upside down so no one will refinance me..
am i better off refinancing my auto loan or taking a lower interest rate loan and paying the car off with that
we got a used auto and financed through the dealership and the interest rate is extremely high. Should i refinance this loan or take a loan from my bank with a lower interest rate and pay off my vehicle and just pay the bank back.
Auto loans are difficult to refinance because you will almost never have equity in a car. If you are one of those luck people that has a car that is worth more than what you owe, it can be done but keep in mind you will pay some fees which may be more than what you would save in the long run. If you have equity in your house (if you own one) you could take out a "home equity line of credit" or refinance your home to get a little money, home interest rates are still relatively low if you have a good credit score (720+). If you don't have a home, you can try to get a loan from a bank for the amount you need but you typically need "double collateral" ie. if you want a loan for $20k you would need at least something/s worth $40k
Good Luck!
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